So far I understand about your situation some suggestion.
1) If you are a intraday trader or fno or option then your turnover is Gross profit or Loss. Not amount invested. For example You had made a profit of Rs 1000 today excluding cost means gross (sell - buy) and second day loss of rs 1000 then your turnover is Rs 2000 for future. For option little different. if required I will post. No need of audit if your total turnover as explained is below eligible limit of that year.
2) When I was trading in mcx my monthly turnover for brokerage purpose was rs 100 crores plus. And I also get notice from department for information purpose and I said yes and mention rules with message after that nothing happens.
3) If you want to claim loss in next year then you have to submit returns within due date else you are not able to claim loss.
If you have any query I can try to guide. Because there is many myths spread by less knowledgeable people. Even many Ca misguide trader for fees or lack of knowledge. Dont afraid as you dont have done sin.
1) If you are a intraday trader or fno or option then your turnover is Gross profit or Loss. Not amount invested. For example You had made a profit of Rs 1000 today excluding cost means gross (sell - buy) and second day loss of rs 1000 then your turnover is Rs 2000 for future. For option little different. if required I will post. No need of audit if your total turnover as explained is below eligible limit of that year.
2) When I was trading in mcx my monthly turnover for brokerage purpose was rs 100 crores plus. And I also get notice from department for information purpose and I said yes and mention rules with message after that nothing happens.
3) If you want to claim loss in next year then you have to submit returns within due date else you are not able to claim loss.
If you have any query I can try to guide. Because there is many myths spread by less knowledgeable people. Even many Ca misguide trader for fees or lack of knowledge. Dont afraid as you dont have done sin.
Nice.. Thanks.. Very useful information